Pan American Silver (TSE:PAAS)
NYSE:PAAS
Want to see TSE:PAAS full AI Analyst Report?
Top Page
Pan American Silver
(NYSE:PAAS)
Select Model
Select Model
Rating:78Outperform
Price Target:
C$83.00
▲(2.53% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strong financial performance (high margins, robust free cash flow, and low leverage) and a constructive earnings call highlighting strong Q1 execution and a sizable shareholder-return framework. Valuation is supportive with a moderate P/E, while technicals are mixed due to a negative MACD despite prices holding above key moving averages.
Positive Factors
Strong cash generation
Sustained, high operating and free cash flow provide durable internal funding for growth, dividends and buybacks, reducing reliance on external financing. Robust FCF-to-income coverage signals the business can self-fund projects and shareholder returns through multi-year cycles.
Negative Factors
Commodity price cyclicality
Revenue, margins and cash flow remain highly sensitive to metal prices and grades. Historical swings from losses to outsized profits show earnings and free cash flow can compress quickly in a down cycle, challenging payout sustainability and capital programs during sustained price weakness.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained, high operating and free cash flow provide durable internal funding for growth, dividends and buybacks, reducing reliance on external financing. Robust FCF-to-income coverage signals the business can self-fund projects and shareholder returns through multi-year cycles.
Read all positive factors
Pan American Silver (PAAS) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$31.79B
Dividend Yield0.88%
Average Volume (3M)988.27K
Price to Earnings (P/E)12.6
Beta (1Y)2.60
Revenue Growth32.74%
EPS Growth255.77%
CountryCA
Employees9,000
SectorBasic Materials
Sector Strength58
IndustrySilver
Share Statistics
EPS (TTM)3.13
Shares Outstanding421,884,000
10 Day Avg. Volume1,202,288
30 Day Avg. Volume988,271
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)2.83
Price to Sales (P/S)5.37
P/FCF Ratio18.28
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$95.33Price Target Upside17.76% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)6.68
Revenue Forecast (FY)C$7.10B
Pan American Silver Business Overview & Revenue Model
Company Description
Pan American Silver Corp., together with its subsidiaries, engages in the exploration, mine development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper mines in Canada, Mexico, Peru, Argentina, and Bolivi...
How the Company Makes Money
Pan American Silver makes money primarily by producing and selling precious metals—mainly silver and gold—from its owned and operated mining and processing assets. Revenue is generated when mined ore is processed into marketable products (such as ...
Pan American Silver Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial performance in Q1 2026 — robust production, very low silver AISC, strong free cash flow ($488M) and a record cash position (> $1.8B). Management accelerated shareholder returns (targeting 35%–40% of free cash flow, up to $1B) and approved initial capital to advance the high‑priority La Colorada skarn, while making progress on other optimization projects. Key risks highlighted include the ongoing Escobal suspension with no restart timeline, an inventory build-up that reduced revenue recognition, potential inflationary pressures from fuel, and some schedule/engineering timing for major project deliverables. Overall, the positives (strong cash generation, low costs, major growth approvals and an investor‑friendly capital return package) outweigh the listed challenges.Positive Updates
Strong production and low unit costs
Attributable silver production of 6.4 million ounces and attributable gold production of 169,000 ounces in Q1 2026, in line with outlook. Silver-segment all-in sustaining costs (AISC) were $6.63/oz (noted as well below guidance) and gold-segment AISC was $1,851/oz (consistent with expectations).
Negative Updates
Escobal operations remain suspended with no timeline
Escobal mine remains under an ILO 169 consultation and court-ordered suspension in Guatemala; ongoing engagement and site visits but no timeline provided for conclusion of consultation or restart of operations — representing a material operational uncertainty.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong production and low unit costs
Attributable silver production of 6.4 million ounces and attributable gold production of 169,000 ounces in Q1 2026, in line with outlook. Silver-segment all-in sustaining costs (AISC) were $6.63/oz (noted as well below guidance) and gold-segment AISC was $1,851/oz (consistent with expectations).
Read all positive updates
Company Guidance
Management maintained its full‑year 2026 outlook for production, all‑in sustaining costs and sustaining capital while noting some gold production may shift into Q4; Q1 metrics included attributable silver production of 6.4M oz and gold of 169k oz with Silver‑segment AISC $6.63/oz and Gold‑segment AISC $1,851/oz, and Q1 attributable free cash flow of $488M boosting cash and short‑term investments to >$1.8B. They increased consolidated 2026 project capital guidance to $240–$255M, expect to spend $92–$95M on the La Colorada skarn in 2026 (the Board approved $265M of skarn project capital over five years) and reiterated La Colorada’s revised PEA peak production of ~19.1M oz Ag/year (5‑year peak). They also flagged fuel/cost pressure risk (direct fuel exposure ~5% of operating costs) and introduced an enhanced shareholder‑return framework targeting 35–40% of annual attributable FCF to shareholders (up to $1.0B in 2026 comprised of ~ $305M of dividends — ~$0.18 quarterly per share — and ~ $700M of share repurchases).Pan American Silver Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
78
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.02B | 3.68B | 2.82B | 2.32B | 1.49B | 1.63B |
| Gross Profit | 1.76B | 1.39B | 548.50M | 214.60M | 48.36M | 367.94M |
| EBITDA | 2.14B | 1.72B | 1.05B | 476.80M | 22.07M | 554.87M |
| Net Income | 1.27B | 995.12M | 111.50M | -103.70M | -340.06M | 97.43M |
Balance Sheet | ||||||
| Total Assets | 10.13B | 9.72B | 7.20B | 7.21B | 3.25B | 3.52B |
| Cash, Cash Equivalents and Short-Term Investments | 1.61B | 1.32B | 887.30M | 440.90M | 142.34M | 335.27M |
| Total Debt | 845.00M | 935.29M | 803.30M | 801.60M | 226.84M | 45.86M |
| Total Liabilities | 2.78B | 2.74B | 2.49B | 2.44B | 1.05B | 882.58M |
| Stockholders Equity | 7.35B | 6.98B | 4.70B | 4.76B | 2.20B | 2.63B |
Cash Flow | ||||||
| Free Cash Flow | 1.36B | 1.08B | 400.80M | 71.20M | -242.78M | 148.63M |
| Operating Cash Flow | 1.72B | 1.40B | 724.10M | 450.20M | 31.91M | 392.11M |
| Investing Cash Flow | -779.61M | -763.13M | -32.60M | 397.90M | -255.40M | -186.66M |
| Financing Cash Flow | -339.53M | -282.87M | -225.20M | -551.80M | 52.97M | -85.91M |
Pan American Silver Technical Analysis
Negative
80.95
Price Trends
76.21
Negative
78.14
Negative
65.39
Positive
Market Momentum
0.67
Positive
46.60
Neutral
21.04
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PAAS, the sentiment is Negative. The current price of 80.95 is above the 20-day moving average (MA) of 76.66, above the 50-day MA of 76.21, and above the 200-day MA of 65.39, indicating a neutral trend. The MACD of 0.67 indicates Positive momentum. The RSI at 46.60 is Neutral, neither overbought nor oversold. The STOCH value of 21.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:PAAS.
Pan American Silver Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | C$13.49B | 20.97 | 10.82% | 0.12% | 110.86% | ― | |
78 Outperform | C$31.79B | 12.63 | 19.65% | 0.88% | 32.74% | 255.77% | |
78 Outperform | C$3.94B | 6.84 | 20.79% | ― | -4.16% | 116.44% | |
76 Outperform | C$7.03B | 22.54 | 36.88% | ― | ― | ― | |
74 Outperform | C$3.34B | 11.49 | 20.80% | ― | 313.42% | ― | |
71 Outperform | C$3.79B | -29.08 | -2.37% | 0.29% | 39.63% | -121.64% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:PAAS
Pan American Silver
75.35
42.28
127.86%
TSE:AG
First Majestic Silver
27.33
19.10
232.00%
TSE:FVI
Fortuna Mining Corp
12.93
4.80
59.04%
TSE:SVM
Silvercorp Metals
17.20
11.80
218.28%
TSE:AYA
Aya Gold & Silver
23.37
11.68
99.91%
TSE:DSV
Discovery Silver
8.68
5.61
182.74%
Pan American Silver Corporate Events
Business Operations and Strategy
Pan American Silver Targets Top-Tier Status With Revised La Colorada Skarn Expansion Plan
Positive
Mar 24, 2026
Pan American Silver has released a revised preliminary economic assessment for the 100%-owned La Colorada property in Zacatecas, Mexico, outlining an integrated expansion that combines existing vein resources with high-grade zones of the La Colora...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.